Hyperliquid Strategies, a digital asset treasury company listed on Nasdaq, has filed an application to operate as a US futures commission merchant (FCM). The company reported that its subsidiary submitted the application to the Commodity Futures Trading Commission (CFTC), aiming to enable US customers to trade perpetual futures on permissioned markets using the Hyperliquid platform.
Pathway for US Customers to Access Perpetual Futures
If approved, Hyperliquid Strategies’ subsidiary would be allowed to manage US customer accounts and provide access to regulated perpetual futures markets built on Hyperliquid’s infrastructure. The application process, however, does not guarantee CFTC approval or confirm a launch timeline.
The FCM registration would establish a compliant route for US investors to participate in Hyperliquid-based perpetual futures markets. These markets would operate via the HIP-3 protocol, which enables independent operators to create permissioned trading venues using on-chain infrastructure.
The company clarified that while the FCM status would allow service to US customers, individual markets built on the blockchain would still require separate regulatory approvals. The parent company emphasized that regulatory scrutiny would apply specifically to the permissioned HIP-3 markets.
Mini dictionary: Futures commission merchant (FCM) — An FCM is a regulated intermediary authorized to accept clients’ funds for trading futures contracts and to execute futures trades on behalf of clients. FCMs are closely supervised by the CFTC to ensure market integrity and client protection in the US derivatives market.
Nasdaq-listed Hyperliquid Strategies’ move to become a US futures broker could create a regulated pathway for American users to trade perpetual futures on the Hyperliquid platform, pending CFTC approval.
Expansion of HYPE Token Holdings and Ecosystem Involvement
Along with the regulatory filing, Hyperliquid Strategies reported holding approximately 38.5 million HYPE tokens, valued at $3.5 billion as of late September. During the September quarter, the company spent $802 million acquiring 9.1 million additional HYPE tokens, raising its holdings from 29.3 million at the end of June.
Of the $802 million spent during the period, $17 million was allocated to repurchasing 2.7 million PURR shares. By October 28, the company reported holding 38.9 million HYPE tokens at an average cost of $56.35 each, with $27.9 million devoted to the repurchase of around 5.8 million shares.
| Item | June 30 | September 30 | October 28 |
|---|---|---|---|
| HYPE tokens held | 29.3 million | 38.5 million | 38.9 million |
| HYPE token value | Not reported | $3.5 billion | Average $56.35/token |
| PURR shares repurchased | Not reported | 2.7 million ($17M) | 5.8 million ($27.9M) |
Hyperliquid Strategies stated that it added approximately $834 million in value to the Hyperliquid ecosystem over the 12 months up to September 30, attributing this to protocol fees, network operations, and programmatic buybacks of HYPE tokens.
The company noted that the majority of value generated in the ecosystem was redistributed to token holders through token buyback mechanisms.
Hyperliquid Strategies also indicated greater involvement in the network by staking tokens and earning validator commissions. Its validator using the Unit protocol is now the largest non-Foundation validator on the Hyperliquid network.
Shareholder Decisions and Regulatory Outlook
Following recent shareholder meetings, the company passed a proposal related to its committed equity facility, allowing issuance above 19.99% of its common stock. Shareholders also appointed two directors and reapproved CBIZ CPAs P.C. as auditor for fiscal year 2027, supporting the company’s financing structure and ongoing token purchases.
Company representatives noted that shareholders’ assets and earnings remain closely tied to the valuation of HYPE tokens, and fluctuations in the token’s price could impact the treasury’s value. Approval of the subsidiary as an FCM would offer an additional route to servicing US customers, but the outcome and timing remain uncertain.
